Shell script to parse ip:port from a text file

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http://serverfault.com – I get daily a text file with ip:port, one per line, example: I would like to parse the first ip and port in two different variables, then write them into another file, wait exceution of a program that use these variables, loop this cycle to pass all the ip:port to the file and execute program. How can I do that? thank you (HowTos)